This web page presents information about the work of the IMF in Iraq, including the activities of the IMF Resident Representative Office. Additional information can be found on the Iraq and IMF, including IMF reports and Executive Board documents that deal with Iraq.

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Iraq: At a Glance

  • Current IMF membership: 190 countries
  • Iraq joined the Fund on December 27, 1945; Article XIV
  • Quota: SDR 1,188.40 million

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Iraq and the IMF

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Office Activities

  • Resident Representative Visit to Baghdad

    IMF Resident Representative Gazi Shbaikat concludes a visit to Baghdad where he held several high-level and technical meetings on key economic developments and enhance cooperation with the authorities including the Prime Minister, Governor of the Central Bank, and Minister of Finance among other key ministries and departments. Gazi Shbaikat also met with UN agencies, the World Bank, and IECG ambassadors, where he delivered an economic debrief and stressed the need for enhancing coordination among partners in key support and technical assistance areas.

    March 30, 2023

  • Inflation and Conflict in Iraq: The Economics of Shortages Revisited

    Containing inflation has turned out to be one of the most challenging aspects of economic management in Iraq. This paper posits that conventional as well as unconventional factors explain inflation dynamics in the recent past.

    July 2, 2010

  • Technical Assistance Evaluation Program

    Findings of Evaluations and Updated Program - Evaluation of the Technical Assistance Subaccount for Iraq

    April 4, 2008

  • IMF Sees Global Imbalances Narrowing, but More to Be Done

    Global Imbalances, Africa's Improved Debt Outlook, Nigerian Reform, Burkina Faso's Cotton Crisis, Ghana and Inflation Targeting, Iraq's Progress, Egypt's Reforms Spur Growth, Asian Trade, Baltics' High Growth Rate, News Briefs

    March 31, 2008

  • Resident Representative Visit to Baghdad

    IMF Resident Representative Gazi Shbaikat concludes a visit to Baghdad where he held several high-level and technical meetings on key economic developments and enhance cooperation with the authorities including the Prime Minister, Governor of the Central Bank, and Minister of Finance among other key ministries and departments. Gazi Shbaikat also met with UN agencies, the World Bank, and IECG ambassadors, where he delivered an economic debrief and stressed the need for enhancing coordination among partners in key support and technical assistance areas.

    March 30, 2023

  • Inflation and Conflict in Iraq: The Economics of Shortages Revisited

    Containing inflation has turned out to be one of the most challenging aspects of economic management in Iraq. This paper posits that conventional as well as unconventional factors explain inflation dynamics in the recent past.

    July 2, 2010

  • Technical Assistance Evaluation Program

    Findings of Evaluations and Updated Program - Evaluation of the Technical Assistance Subaccount for Iraq

    April 4, 2008

  • IMF Sees Global Imbalances Narrowing, but More to Be Done

    Global Imbalances, Africa's Improved Debt Outlook, Nigerian Reform, Burkina Faso's Cotton Crisis, Ghana and Inflation Targeting, Iraq's Progress, Egypt's Reforms Spur Growth, Asian Trade, Baltics' High Growth Rate, News Briefs

    March 31, 2008

  • Resident Representative Visit to Baghdad

    IMF Resident Representative Gazi Shbaikat concludes a visit to Baghdad where he held several high-level and technical meetings on key economic developments and enhance cooperation with the authorities including the Prime Minister, Governor of the Central Bank, and Minister of Finance among other key ministries and departments. Gazi Shbaikat also met with UN agencies, the World Bank, and IECG ambassadors, where he delivered an economic debrief and stressed the need for enhancing coordination among partners in key support and technical assistance areas.

    March 30, 2023

  • Inflation and Conflict in Iraq: The Economics of Shortages Revisited

    Containing inflation has turned out to be one of the most challenging aspects of economic management in Iraq. This paper posits that conventional as well as unconventional factors explain inflation dynamics in the recent past.

    July 2, 2010

  • Technical Assistance Evaluation Program

    Findings of Evaluations and Updated Program - Evaluation of the Technical Assistance Subaccount for Iraq

    April 4, 2008

  • IMF Sees Global Imbalances Narrowing, but More to Be Done

    Global Imbalances, Africa's Improved Debt Outlook, Nigerian Reform, Burkina Faso's Cotton Crisis, Ghana and Inflation Targeting, Iraq's Progress, Egypt's Reforms Spur Growth, Asian Trade, Baltics' High Growth Rate, News Briefs

    March 31, 2008

  • Resident Representative Visit to Baghdad

    IMF Resident Representative Gazi Shbaikat concludes a visit to Baghdad where he held several high-level and technical meetings on key economic developments and enhance cooperation with the authorities including the Prime Minister, Governor of the Central Bank, and Minister of Finance among other key ministries and departments. Gazi Shbaikat also met with UN agencies, the World Bank, and IECG ambassadors, where he delivered an economic debrief and stressed the need for enhancing coordination among partners in key support and technical assistance areas.

    March 30, 2023

  • Inflation and Conflict in Iraq: The Economics of Shortages Revisited

    Containing inflation has turned out to be one of the most challenging aspects of economic management in Iraq. This paper posits that conventional as well as unconventional factors explain inflation dynamics in the recent past.

    July 2, 2010

  • Technical Assistance Evaluation Program

    Findings of Evaluations and Updated Program - Evaluation of the Technical Assistance Subaccount for Iraq

    April 4, 2008

  • IMF Sees Global Imbalances Narrowing, but More to Be Done

    Global Imbalances, Africa's Improved Debt Outlook, Nigerian Reform, Burkina Faso's Cotton Crisis, Ghana and Inflation Targeting, Iraq's Progress, Egypt's Reforms Spur Growth, Asian Trade, Baltics' High Growth Rate, News Briefs

    March 31, 2008

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Regional Economic Outlook

January 31, 2024

Conflict Compounding Economic Challenges
The conflict in Gaza and Israel is yet another shock to the Middle East and North Africa (MENA) region. It is causing immense human suffering and exacerbating an already challenging environment for neighboring economies and beyond. This Update covers economies in the MENA region and does not discuss developments in Israel. Overall, the major factors weighing on regional growth in MENA are (i) the impact of the conflict; (ii) oil production cuts (even as robust non-oil sector activity continues to support growth in several oil exporters); and (iii) continued necessary tight policy settings in several economies. Social unrest has also picked up. Projected growth in the MENA region this year is downgraded by 0.5 percentage point to 2.9 percent (relative to the October 2023 Regional Economic Outlook: Middle East and Central Asia), from already weak growth of 2.0 percent in 2023. Primarily driven by the ongoing conflict in Sudan, average growth across low-income countries (LICs) in MENA is forecast to remain negative this year, continuing the estimated sharp decline in 2023. Disinflation is expected to continue in most MENA economies, although price pressures have proven persistent in some cases because of country-specific factors.

The outlook for the MENA region is highly uncertain, and downside risks are resurgent. An escalation or spread of the conflict beyond Gaza and Israel, as well as an intensification of the disruptions in the Red Sea, could have a severe economic impact, including on trade and tourism.

The appropriate policy response will depend on countries’ exposure to the conflict, preexisting vulnerabilities, and policy space. Crisis management and precautionary policies will be critical where the impact is acute, or risks are elevated. Elsewhere, countries will need to continue to fortify buffers.

Monetary policy will need to remain focused on price stability, and fiscal policy should be tailored to country needs and available fiscal space. Structural reforms remain critical to boosting growth and strengthening resilience in both the near and longer terms.
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